The Switzerland-headquartered global transport and logistics company Kuehne+Nagel has registered strong financial gains during the third quarter, especially in its “sea logistics” sector, in which the company achieved three-digit increases, despite the challenging market environment due to the congested ports and supply chain disruptions.
In total, the freight forwarding firm marked a 113% rise in earnings before interest and taxes (EBIT), which completed more than US$866, while earnings in the third quarter reached US$634.6 million, representing a growth of 117% compared to 2020’s Q3.
Kuehne+Nagel’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 62% year-on-year, totalling US$1.06 billion. Additionally, net turnover was elevated by 70% and reached US$9.4 billion, while the company’s gross profit increased to US$2.8 billion, after a 36% growth.
During the first nine months, Kuehne+Nagel’s EBIT rose by 131% year-on-year and totalled US$2 billion and EBITDA saw a growth of 69%, reaching US$2.6 billion.
Earnings for the nine-month period recorded also a rise of 133% over the last year’s corresponding period, reaching US$1.47 billion. As for the net turnover, it was approximately US$24 billion and increased by 47%, while gross profit stood at US$7.5 billion, registering a growth of 25% year-on-year.
Regarding the “sea logistics” segment, the company’s EBIT reported a skyrocketing rise of 256% exceeding US$461 million, while the gross profit reached almost US$766 million which corresponds to a climb of 114% over Q3 of the previous year.
In addition, the company’s net turnover for the “sea logistics” sector totalled US$3.7 billion, reflecting a year-on-year surge of 120%.
“The challenging market environment for sea logistics required a particularly high level of support and resultant lower logistics productivity,” stated the company. “The business unit continued to focus on the transport of goods with complex requirements.”
Regarding the sector of “road logistics”, Kuehne+Nagel also reported progress in all figures during the third quarter, but not with the same intensity, as EBIT rose by 75% compared to last year’s third quarter, to US$19.88 million.
Furthermore, net turnover and gross profit during the same period marked increases of 16% and 14%, reaching US$872.8 million and US$294.4 million, respectively.
“We are on track and were again able to achieve an excellent business result in the third quarter,” said Dr. Detlef Trefzger, CEO of Kuehne + Nagel International AG, who added, “In the coming months, we do not expect any significant change in the constrained market situation.”
